Telefonica Espana Agrees To Incorporate Joint Company With Vodafone Espana
Nov 7 (Reuters) -Telefonica SA TEF.MC:
TELEFÓNICA ESPANA REACHES AGREEMENT WITH VODAFONE ESPANA TO INCORPORATE JOINT COMPANY FOR COMMERCIALIZATION OF FTTH NETWORK FOR ITS SHAREHOLDERS
COMPANY WILL COVER ABOUT 3.6 MILLION PREMISES, WITH ASSETS CURRENTLY PART OF TELEFÓNICA ESPANA'S FTTH AND THAT REPRESENT ABOUT 12% OF ITS NATIONAL NETWORK
AFTER CLOSING OF TRANSACTION, TELEFONICA ESPANA WILL HOLD 63% AND VODAFONE ESPANA REMAINING 37%
ESTIMATED CO WILL INITIALLY HAVE AROUND 1.4 MILLION CLIENTS
AS PART OF TRANSACTION, REQUIRED AGREEMENTS FOR PROVISION OF SERVICES FROM TELEFONICA GROUP TO COMPANY WILL BE SIGNED
Source text: ID:nCNMnQ9WG
Further company coverage: TEF.MC
(Gdansk Newsroom)
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